Wells Fargo & Company Mortgage Complaint

Conventional fixed mortgage Loan servicing, payments, escrow account

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Connecticut

I have a 15 year mortgage that 's paid by weekly. The problem I see is Wells Fargo takes the money out of my bank, and does n't apply it right away. they wait untill the end of the month then apply both payments. So I 'm missing out on the extra interest that I should have paid but is n't. I 'm not even getting interest on the money they take out for two weeks, and they get to use it anyway they want for two weeks interest free. The first payment gets taking out on the - of the month it is put into my mortgage but not applied as credit untill the end of the month when the next payment is due then they combine them and then credit my account. that does n't seem fair. Why am i not getting the benefit of appling the payment right away Thank you - - CT - -

Wells Fargo & Company customer in Connecticut
Feb 05, 2017

* Source: CFPB Complaint Database

Wells Fargo & Company response to complaint:
Closed with explanation

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